Thursday, November 1, 2012

SPX ~ Intraday ~ 1 November 2012

The SPX breached the range early in the morning and then rallied to the next resistance area at 1430ish.

As you can see in the chart, the 1430ish area is some heavy resistance. So, as long as we stay below it, the medium-term trend is down.

A rally above 1435 though, would change the trend again, and a rally back to the highs should follow.